RIYADH: Oil prices pulled back slightly on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market.
Brent crude futures fell 14 cents, or 0.1 percent, to $96.51 a barrel at 0404 GMT, paring a 1.8 percent gain from the previous session.
US West Texas Intermediate crude futures declined 16 cents, or 0.2 percent, to $90.60 a barrel, after climbing 2 percent in the previous session.
Fire rages at Cuba oil terminal; third tank collapses after spill
A third crude tank caught fire and collapsed at Cuba’s main oil terminal in Matanzas, the province’s governor said on Monday, as an oil spill spread flames from a second tank that caught fire two days earlier in the island’s biggest oil industry accident in decades.
Huge columns of fire rose into the sky and thick black smoke bellowed all day, darkening the sky as far away as Havana. Explosions rocked the area just before midnight as one tank collapsed and again at noon as another imploded.
One firefighter died and 16 people were missing, all from Saturday’s explosion at the second storage tank. A fourth tank was threatened but had not caught fire. Cuba relies on oil to generate much of its electricity.
Cuba had made progress fighting off the raging flames during the weekend after drawing on help from Mexico and Venezuela, but late on Sunday the fire began spreading from the second tank, which collapsed, said Mario Sabines, governor of the Matanzas province, about 130 km from Havana.
Matanzas is Cuba’s largest port for receiving crude oil and fuel imports. Cuban heavy crude, as well as fuel oil and diesel stored in Matanzas, are mainly used to generate electricity on the island.
IOC to issue commercial papers maturing Sept: traders
Indian Oil Corporation plans to raise funds selling commercial papers maturing at the end of September, three merchant bankers said on Monday.
The state-run oil marketing company will offer a yield of 5.64 percent on these notes, and it has received commitments worth around 10 billion rupees ($125.54 million) so far, the bankers said.
The notes are rated A1+ by ICRA and the issue will mature on Sept. 28.
(With input from Reuters)